Russia's Central Bank introduces restrictions on cash withdrawals
The Bank of Russia has decided to introduce temporary restrictions for operations with cash currency.
The Bank of Russia has introduced temporary restrictions on operations involving cash currency.
Russia's Central Bank announced in a statement that although all customer funds in foreign currency accounts or deposits are saved and accounted for, clients can withdraw up to $10,000 in cash, and the rest of the funds in rubles at the market rate on the day of issue.
The restriction will be applied from March 9 to September 9, 2022. Within this period, foreign currencies will only be issued in US dollars, converting them at the market rate on the day of issue.
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According to the Central Bank, around 90% of foreign currency accounts in Russia's banks do not exceed $10,000 in amount. This means that 90% of foreign currency account holders will be able to fully receive their funds in cash.